Martin Midstream Partners L.P. (NASDAQ:MMLP) Sees Significant Increase in Short Interest

Key Points

• Short interest in Martin Midstream Partners increased by 22.9% in August, totaling 29,000 shares, which equates to about 0.1% of the company's shares sold short.
• Institutional investors hold approximately 34.90% of Martin Midstream Partners' stock, with recent transactions including new positions from several hedge funds.
• The company reported a loss of ($0.06) EPS in its last quarterly earnings, missing analysts' expectations, and has a dividend yield of 0.7%.

Martin Midstream Partners L.P. (NASDAQ:MMLP - Get Free Report) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 29,000 shares, an increase of 22.9% from the August 15th total of 23,600 shares. Currently, 0.1% of the shares of the stock are short sold. Based on an average daily volume of 23,000 shares, the days-to-cover ratio is currently 1.3 days. Based on an average daily volume of 23,000 shares, the days-to-cover ratio is currently 1.3 days. Currently, 0.1% of the shares of the stock are short sold.

Institutional Investors Weigh In On Martin Midstream Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in MMLP. Nomura Holdings Inc. grew its position in shares of Martin Midstream Partners by 265.2% in the first quarter. Nomura Holdings Inc. now owns 3,417,328 shares of the pipeline company's stock valued at $12,302,000 after purchasing an additional 2,481,497 shares during the period. Bank of America Corp DE grew its position in shares of Martin Midstream Partners by 216.0% in the second quarter. Bank of America Corp DE now owns 581,020 shares of the pipeline company's stock valued at $1,714,000 after purchasing an additional 397,163 shares during the period. Tiptree Advisors LLC purchased a new stake in shares of Martin Midstream Partners in the fourth quarter valued at $524,000. Toronto Dominion Bank purchased a new stake in Martin Midstream Partners during the fourth quarter valued at about $233,000. Finally, Levin Capital Strategies L.P. purchased a new stake in Martin Midstream Partners during the second quarter valued at about $162,000. Hedge funds and other institutional investors own 34.90% of the company's stock.

Martin Midstream Partners Stock Performance

Martin Midstream Partners stock traded up $0.05 during mid-day trading on Monday, hitting $3.04. 5,386 shares of the company were exchanged, compared to its average volume of 25,381. The business's 50 day simple moving average is $3.16 and its two-hundred day simple moving average is $3.13. Martin Midstream Partners has a 12-month low of $2.56 and a 12-month high of $4.02.

Martin Midstream Partners (NASDAQ:MMLP - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The pipeline company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.14). The business had revenue of $180.68 million during the quarter, compared to the consensus estimate of $199.39 million. On average, analysts anticipate that Martin Midstream Partners will post 0.15 EPS for the current fiscal year.

Martin Midstream Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 14th. Stockholders of record on Thursday, August 7th were given a $0.005 dividend. The ex-dividend date of this dividend was Thursday, August 7th. This represents a $0.02 dividend on an annualized basis and a dividend yield of 0.7%. Martin Midstream Partners's payout ratio is currently -5.13%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Martin Midstream Partners to a "hold" rating in a report on Friday, June 6th.

About Martin Midstream Partners

Martin Midstream Partners L.P., together with its subsidiaries, provides terminalling, processing, storage, and packaging services for petroleum products and by-products primarily in the United States. The company operates in four segments: Terminalling and Storage, Transportation, Sulfur Services, and Specialty Products.